Many homeowners decide to save money by selling the property without a realtor. This type of “for sale by owner” transaction is legal in Oregon.
Review the common mistakes to avoid if you take the FSBO route when selling your home.
Listing a home too low or too high can impact the time it spends on the market. When you decide to sell your home without a realtor, try to take emotion out of the equation when setting a sales price. Pricing your home too low can cut into your potential profit while pricing too high makes it difficult to sell.
Lackluster marketing materials
Unappealing photos that do not show the property in its best light often cause FSBO homes to lag on the market. Similarly, unprofessional for sale signs might turn off potential buyers. Invest money in high-quality images of your home to post online along with durable signs for the exterior of the property.
Small mistakes can cause serious issues when it comes to real estate transactions. Carefully completing all necessary legal documents will reduce your chance of a costly error. You can also have an attorney draft or review the documents on your behalf if you have limited experience with real estate contracts.
Lack of due diligence
Without the guidance of a realtor, you may enter a sales contract with a buyer who cannot complete the sale. For example, he or she may not have the down payment or credit score to obtain mortgage approval. Careful research on potential buyers can reduce this risk.
Keep these factors in mind when moving forward with an independent home sale.